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- Siren Gold (SNG) receives commitments to raise $2 million through a share placement
- The placement consists of the issuance of just over 26 million shares at 7.5 cents each
- It includes a $120,000 commitment from SNG directors and management, pending shareholder approval
- Funds will drive exploration activities at Auld Creek, Sams Creek, Lyell, Cumberland, and Big River South
- SNG shares last traded at 8.7 cents
Siren Gold (SNG) has secured commitments from institutional, professional and sophisticated investors to raise $2 million through a share placement.
The placement comprises the issuance of 26,689,998 shares at 7.5 cents each.
Additionally, for every two placement shares issued, one attaching option will be included. These options hold a value of 12 cents each and will expire two years from the date of issue.
The company also announced that the placement will feature a substantial commitment of $120,000 from its directors and management, pending approval from shareholders.
The funds raised will be used to drive exploration efforts across the company’s various sites, including Auld Creek, Sams Creek, Lyell, Cumberland, and Big River South.
“We are very happy with the strong support from both existing and new shareholders following the addition of just under 400,000 ounces to the company’s resource base for the 2023 year-to-date.” SNG Executive Chairman Brian Rodan said.
“Siren remains focused on the cost-effective growth in our gold resources, as we continue to progress the company’s attractive New Zealand tenement packages around Reefton and Sam’s Creek”.
The company announced it’s now well funded to continue growing Siren’s resource base, with plans to initiate exploration through drilling at its Auld Creek tenement.
SNG shares last traded at 8.7 cents.
